The initial public offering (IPO) of Udayshivakumar Infra Ltd was subscribed 58% on Day 1. The public issue that opened for subscription Monday, March 20, will close on Thursday, March 23.
On Day 1 of subscription, the issue saw overwhelming response from qualified institutional buyers (QIBs) who subscribed to 97% of the portion reserved followed by non-institutional bidders who subscribed to 73%. Retail investors subscribed to 44% of shares on offer.
The company has received bids for 1,15,51,292 shares against 2,00,00,000 shares on offer, according to data from the BSE.
The QIBs' portion received bids for 19,39,268 of the 20,00,000 shares on offer for this segment.
The non-institutional investors' portion received bids for 43,75,872 shares against 60,00,000 on offer for this segment.
The retail investors' portion received bids for 52,36,152 shares against 1,20,00,000 on offer for this segment. However, the employees' portion did not receive any subscriptions.
The company has fixed the price band at ₹33 to 35 per equity share for the proposed initial public offer.
Investors can bid for a minimum of 428 equity shares and in multiples thereafter.
The public offering, which has a face value of ₹10 per equity share, consists of a fresh issue of shares worth ₹66 crore. There is no offer-for-sale (OFS) part of the offer.
According to the company's Draft Red Herring Prospectus (DRHP), the net proceeds from the issue will be utilised towards funding incremental working capital requirements of the company, and general corporate purposes.
Saffron Capital Advisors Private Ltd is the sole book running lead manager (BRLM) of the issue, and MAS Services Ltd is the registrar.
About 60% of the offer is reserved for retail investors, while 30% is put aside for non-institutional investors. At the same time, 10% of the issue is set aside for qualified institutional buyers.
The equity shares are proposed to be listed on BSE and NSE.
